Senators spent most of the day in the committee of the whole to go into an in-depth discussion of Bill 140.
If passed into law, the measure authorizes the issuance of revenue bonds for the A.B. Won Pat International Airport Authority to refund all or a portion of its outstanding general revenue bonds from time to time.
A panel consisting of officials from the Guam Economic Development Authority, Bureau of Budget Management and Research and Guam International Airport Authority answered questions from lawmakers.
GEDA Deputy Administrator Ricky Hernandez explained that Bill 140 aligns with Gov. Lou Leon Guerrero’s statements on borrowing for savings and capital improvements. He also says the bill authorizes the governor with the approval of the legislature, GEDA and GIAA, to refund a portion of the outstanding or prior bonds.
“This change is necessary because currently in the existing law, it only allows for all the bonds to be refunded and not a portion of, and that technical amendment and request will allow for the airport to refund and this is the more important thing for savings in excess of approximately $2.25 million dollars over the next 3-5 years,” Hernandez said.